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SoftBank Buying 17.5% Stake  in Uber
SoftBank Buying 17.5% Stake  in Uber

SoftBank Buying 17.5% Stake in Uber

SoftBank Buying 17.5% Stake in Uber

A consortium led by SoftBank Group will buy a large number of shares of Uber Technologies in a deal that values the ride-services firm at $48 billion, Uber said on Thursday, in a victory for new Chief Executive Dara Khosrowshahi, Reuters reported. The price is a roughly 30% discount to Uber’s most recent valuation of $68 billion. The deal will trigger a number of changes in the way the board oversees the company, which is dealing with federal criminal probes, a high-stakes lawsuit and an overhaul of its workplace culture. SoftBank and the rest of the consortium, which includes Dragoneer Investment Group, will own approximately 17.5% of Uber, a person familiar with the matter said. That stake includes a share purchase, through a tender offer, from earlier investors and employees at the $48 billion valuation, as well as a $1.25 billion investment of fresh funding at the $68 billion level. Uber said the deal would close early next year. On Thursday it said that existing investors had agreed to sell enough shares for SoftBank to go through with the transaction.

 

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